But "the private equity guys have really pulled the multiple up on this market," Liveris said, adding that if there is a downturn in the next few year, there may be a lot more businesses available at better prices.

Liveris didn't mention any specific targets or businesses, and he declined to say whether Dow was interested in buying General Electric's plastic business, which the conglomerate is trying to shed. GE is the parent of CNBC.